§211D-1 Definitions. As used in this chapter, unless the context otherwise requires: “Capital access loan” means a loan that is entitled to be secured by the fund. “Department” means the department of business, economic development, and tourism. “Financial institution” includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit […]
§211D-10 Reports; audits. (a) The department shall submit to the legislature an annual status report on the program’s activities. (b) The financial transactions of the fund are subject to audit by the auditor. [L 2000, c 290, pt of §2]
§211D-11 State liability prohibited. The State is not liable to a participating financial institution for payment of the principal, the interest, or any late charges on a capital access loan made under this chapter. [L 2000, c 290, pt of §2]
§211D-12 Gifts and grants. The department may accept gifts, grants, and donations from any source for the purposes of this chapter. [L 2000, c 290, pt of §2]
§211D-2 Powers of department in administering the capital access program. In administering the program, the department shall have all the powers necessary to carry out the purposes of this chapter, including the power to: (1) Make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of its powers; (2) Invest money at […]
§211D-3 Capital access program. (a) The department shall establish a capital access program to assist a participating financial institution in making loans to businesses and nonprofit organizations that face barriers in accessing capital. (b) The department shall use money in the fund to make a deposit in a participating financial institution’s reserve account in an […]
§211D-4 Rulemaking authority. (a) The department shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this chapter. The rules may: (1) Provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or […]
§211D-5 Provisions relating to capital access loan. (a) Except as otherwise provided by this chapter, the department may not determine the recipient, amount, or interest rate of a capital access loan or the fees or other requirements related to the loan. (b) A loan is not eligible to be enrolled under this chapter if the […]
§211D-6 Reserve account. (a) On approval by the department and after entering into a participation agreement with the department, a participating financial institution making a capital access loan shall establish a reserve account. The reserve account shall be used by the institution only to cover any losses arising from a default of a capital access […]
§211D-7 Limitations on state contribution to reserve account. (a) The amount deposited by the department into a participating financial institution’s reserve account for any single loan recipient may not exceed $100,000 during a three-year period. (b) The maximum amount the department may deposit into a reserve account for each capital access loan made under this […]
§211D-8 State’s rights with respect to reserve account. (a) All of the money in a reserve account established under this chapter is property of the State. (b) The State is entitled to earn interest on the amount of contributions made by the department, borrower, and institution to a reserve account under this chapter. The department […]
§211D-9 Annual report. A participating financial institution shall submit an annual report to the department. The report shall: (1) Provide information regarding outstanding capital access loans, capital access loan losses, and any other information on capital access loans the department considers appropriate; (2) State the total amount of loans for which the department has made […]
